Weekly Plan 4/17

Week Of April 17th

Big Earnings Ahead

Q1 Earnings

The Q1 earnings are expected to decline by an expected 6.5% this quarter when annualized and will be the 2nd largest drop ever recorded, second only to the one seen in Q1 of 2020 due to the shock of the Coronavirus pandemic.

While this is bad, the actual earnings surprises as reported by about 5% of companies that have reported their earnings are quite robust.

About 90% of the S&P500 companies reported for Q1 have reported an earnings surprise to the upside. In fact, the number of companies that have reported an earnings surprise remains well above their 10-year average at 77%.

Big Earnings start the week of April 24th with large tech names reporting.

Weekly Plan:

Scenario 1: Daily Close over $4186 can send us higher with a ton of key resistances above.

This current area around $4176 and $4186 is major resistance.

Scenario 2: Move under $4121 and $4094 sends us lower and that has been a key support that can unwind us a little bit lower into $4,000.

IF LEVELS ARE BROKEN I WILL BE UPDATING!

$SPY for SPY traders here is a lot of levels to watch here that line up with some futures levels stated above. $413.55-$413.85 is $4176-$4178.

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